Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Price to Sales (P/S) since 2005
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Historical Valuation Ratios (Summary)
Boeing Co., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
- Price to Sales Ratio (P/S)
-
The Price to Sales ratio exhibits significant fluctuations over the observed quarterly periods. Starting at 2.44 in the first quarter of 2021, there was a noticeable downward trend reaching a low of approximately 1.3 in the third quarter of 2022 and the third quarter of 2024. This decline suggests a decreasing market valuation relative to sales during that timeframe.
Following these troughs, the ratio experienced periods of recovery, rising to peaks such as 1.9 in the fourth quarter of 2021, 1.98 in the fourth quarter of 2024, and 2.27 in the third quarter of 2025. These intermittent increases indicate renewed investor confidence or improved expectations regarding revenue growth or profitability potential.
Overall, the ratio cycles through periods of contraction and expansion without a clear linear direction, implying external market or operational factors influencing valuation in relation to sales. The variability suggests that market sentiment or sales performance experienced volatility throughout the period.
- Other Ratios (P/E, P/OP, P/BV)
-
No data was reported or available for Price to Earnings, Price to Operating Profit, or Price to Book Value ratios during the periods under review, precluding any analysis or trend identification for these financial metrics.
Price to Earnings (P/E)
Boeing Co., historical P/E calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net earnings (loss) attributable to Boeing common shareholders (in millions) | |||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
EPS
= (Net earnings (loss) attributable to Boeing common shareholdersQ3 2025
+ Net earnings (loss) attributable to Boeing common shareholdersQ2 2025
+ Net earnings (loss) attributable to Boeing common shareholdersQ1 2025
+ Net earnings (loss) attributable to Boeing common shareholdersQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Boeing Co. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals several noteworthy patterns in the company's stock performance and earnings over the analyzed quarters.
- Share Price
- The share price experienced significant fluctuations throughout the period. Initially, it declined from $235.46 at the end of March 2021 to a low point around $133.79 in September 2022. After this trough, the share price showed a recovery trend, reaching above $211 in December 2022. The price continued to exhibit volatility in subsequent quarters, with values oscillating between approximately $157 and $232, peaking at $232.8 in June 2023 and again reaching $226.08 in June 2025.
- Earnings Per Share (EPS)
- EPS figures have consistently been negative over the entire timeframe, reflecting ongoing net losses. While the magnitude of losses varied, a trend of moderate improvement was visible during certain periods, such as from December 2021 through March 2023, where losses decreased from about -$8.25 to -$3.64. However, this improvement was not sustained, as EPS again deteriorated sharply, particularly in late 2024 and into 2025, with values deepening to around -$15.83 in June 2025.
- Price-to-Earnings (P/E) Ratio
- No P/E ratio data is available for the periods examined, likely due to the persistent negative earnings. The absence of this key valuation metric impedes traditional assessments of market valuation relative to earnings.
Overall, the company's share price shows resilience and some recovery from mid-2022 lows despite ongoing negative earnings. The persistent losses and absence of P/E ratios indicate challenges in profitability, while volatility in the share price suggests sensitivity to market perceptions and possibly external factors affecting investor confidence during the examined timeframe.
Price to Operating Profit (P/OP)
Boeing Co., historical P/OP calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Earnings (loss) from operations (in millions) | |||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Operating profit per share
= (Earnings (loss) from operationsQ3 2025
+ Earnings (loss) from operationsQ2 2025
+ Earnings (loss) from operationsQ1 2025
+ Earnings (loss) from operationsQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Boeing Co. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited notable volatility over the analyzed periods. Initially, it declined steadily from 235.46 US$ to a low point of approximately 133.79 US$ by the third quarter of 2022. This decline was followed by a recovery phase where the share price rose significantly to over 232 US$ by the second quarter of 2023. However, the subsequent quarters displayed fluctuations, with the share price oscillating between approximately 157 US$ and 226 US$. Towards the most recent periods, there is an observable upward trend, with the share price recovering to values above 210 US$.
The operating profit per share consistently remained negative throughout the entire timeframe, indicating persistent operating losses on a per-share basis. The losses peaked around the first quarter of 2021, with a value near -19.66 US$, and showed some improvement into 2023, where losses decreased closer to -1.16 US$ per share in the first quarter of 2024. Nevertheless, this improvement was not sustained, as operating losses worsened again, reaching about -14.27 US$ in the second quarter of 2025. Overall, the data suggests a cyclical pattern in the operating profitability but without reaching positive territory.
No data regarding the price-to-operating profit (P/OP) ratio was provided, limiting the ability to analyze valuation metrics related to operating earnings.
In summary, the share price shows considerable fluctuations, with periods of recovery following substantial declines, reflecting potentially changing market sentiment or company performance perceptions. Conversely, operating profitability per share remains negative and volatile, indicating ongoing challenges in generating operating profits. The combination of these trends points to a company facing persistent operational difficulties while experiencing fluctuating investor confidence as reflected in the share price movements.
Price to Sales (P/S)
Boeing Co., historical P/S calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Revenues (in millions) | |||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Sales per share
= (RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Boeing Co. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Analysis
- The share price exhibited notable fluctuations over the examined quarters. Initially, from March 31, 2021, to December 31, 2021, the price declined from $235.46 to $200.24, reflecting a downward trend. This decline continued into early 2022, reaching a low of $133.79 by September 30, 2022. However, a significant recovery occurred in the last quarter of 2022, with the share price rising sharply to $211.17. Throughout 2023, the share price remained volatile, oscillating between approximately $177.73 and $232.80, with no consistent directional trend. The first quarters of 2024 and 2025 showed alternating increases and decreases, with prices ranging roughly between $157.06 and $226.08.
- Sales Per Share Evaluation
- Sales per share showed a general upward trend from March 2021 through December 2023. Starting at $96.56, these values increased steadily, peaking at $127.50 by the end of 2023, indicating growth in revenue generation relative to shares outstanding. In early 2024, however, this figure began to decline, dropping to as low as $88.68 by December 2024, before showing a moderate recovery to $106.25 by September 2025. The decline observed in late 2024 suggests a temporary contraction in sales performance on a per-share basis.
- Price-to-Sales (P/S) Ratio Insights
- The P/S ratio generally mirrored some of the trends seen in share price and sales per share, with important variations. From March 2021 through September 2022, the P/S ratio trended downward from 2.44 to 1.30, indicating a reduction in valuation relative to sales. This was followed by a partial rebound to 1.90 by December 2022. During 2023, the ratio was highly variable, fluctuating between 1.42 and 1.91. Early 2024 ratios were relatively stable but low, around 1.32 to 1.60, before climbing notably toward 2.27 in June 2025 and maintaining above 2.0 through September 2025. The later increase in P/S ratio may imply improving investor sentiment or expectations despite sales fluctuations.
- Overall Interpretation
- The data reveals a cycle of decline and recovery in market valuation reflected by the share price and P/S ratio, with volatility especially evident during 2022 and 2023. Sales per share displayed steady growth until late 2023, followed by a dip and subsequent moderate recovery. The divergence between sales performance and P/S ratio in some periods suggests shifts in market perception or other external influences impacting valuation beyond sales metrics. These trends highlight an environment of uncertainty with intermittent optimism from investors, underscoring the importance of monitoring underlying sales dynamics and market conditions.
Price to Book Value (P/BV)
Boeing Co., historical P/BV calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Shareholders’ deficit (in millions) | |||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
BVPS = Shareholders’ deficit ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Boeing Co. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated notable volatility over the analyzed periods. Initially, prices declined from $235.46 at the end of Q1 2021 to $154.46 by Q1 2022, indicating a substantial reduction of approximately 34%. Subsequently, the price fluctuated with partial recoveries and drops, reaching a low near $133.79 in Q3 2022 and experiencing a significant rebound to above $211 by Q4 2022. Throughout 2023 and into 2025, the price continued to oscillate, seeing increases above $220 during some quarters, but also substantial dips to levels around $157 to $175. The highest values in the latter part of the timeline were recorded in mid-2025 close to $226. Overall, the share price pattern suggests phases of investor uncertainty interspersed with recoveries, yet without a clear sustained upward or downward trajectory.
- Book Value Per Share (BVPS) Pattern
- The book value per share remained negative throughout all periods, indicating the company was operating with a negative equity position at the shareholder level. The magnitude of the negative BVPS generally fluctuated between approximately -$24.57 and -$38.10 from 2021 into early 2024. Thereafter, there was a sharp improvement observed in Q4 2024, with BVPS rising from -$38.10 to -$5.21, and further stabilizing near that level through mid-2025. Despite this improvement, BVPS remained negative, reflecting persistent underlying balance sheet challenges. The marked change near the end of 2024 could indicate corrective accounting actions, asset revaluations, or operational adjustments improving the equity base.
- Price-to-Book Value (P/BV) Ratio
- No ratio values were provided or calculated. However, given that BVPS was negative at all points, calculation of a conventional P/BV ratio would not be meaningful or would produce negative ratios, which are typically not interpretable. This implies limitations in using P/BV for valuation in this context.
- Overall Insights
- The financial data reveals a company experiencing significant fluctuations in market valuation, evidenced by large swings in share price. The persistent negative book value per share signals ongoing financial distress or significant liabilities exceeding assets. The notable improvement in book value in late 2024, while insufficient to produce positive equity, may reflect strategic or financial restructuring. Market price movements do not appear closely correlated with changes in book value, suggesting that market sentiment or external factors might play larger roles in valuation. The volatility and negative equity highlight risk considerations relevant to investors and stakeholders assessing financial stability and growth prospects.